News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • NY Fed accepts $1.039 trillion in reverse repo operations $USD $DXY
  • This week cryptocurrencies were on the charge with Bitcoin leading the rally. Get your $BTC market update from @WVenketas here:https://t.co/G5BWHlrhws https://t.co/FtAvB6uP1l
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.59%, while traders in France 40 are at opposite extremes with 71.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/oL7THFSaKd
  • US Dollar is fairly mixed across the board of major currency pairs headed into month-end. The DXY Index is little changed on the session as recent selling pressure starts to subside. Get your market update from @RichDvorakFX here:https://t.co/tulCJzZTSF https://t.co/SiicLO9jn3
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.34% Silver: -0.02% Gold: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/oaNkpqY2Sy
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.00% 🇨🇦CAD: -0.21% 🇯🇵JPY: -0.21% 🇬🇧GBP: -0.35% 🇳🇿NZD: -0.45% 🇦🇺AUD: -0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/7ej2PKr120
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.01% FTSE 100: -0.06% Germany 30: -0.07% Wall Street: -0.33% US 500: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/wuAFfNFdVH
  • from support to resistance in $USD some very decent friday action $DXY https://t.co/1W1wPyVgTc https://t.co/y4sgUkQ1cP
  • The Dollar is up after the core June PCE accelerated further to a 3.5% clip (highest since 1991), but US 10-Year yield is down 4 bps to 1.2290 and implied rate hikes through Dec 2022 has dropped 1.5bps from yesterday to 14bp (56% prob of hike) https://t.co/5Y0BWlPBUx
  • It's time to look at the monthly candles on charts and check in on the Dollar and Amazon. DailyFX's @JohnKicklighter covers the markets 👇 https://t.co/43BSSq9XIg
Crude Oil Prices Fell as Trump Fired Iran Hawk Bolton. Now What?

Crude Oil Prices Fell as Trump Fired Iran Hawk Bolton. Now What?

Ilya Spivak, Head Strategist, APAC

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices turned lower as Trump fires Iran hawk John Bolton
  • Gold prices continue to fall as bond yields rise before ECB, US CPI
  • OPEC monthly report, Technical Committee meeting, EIA data due

Crude oil prices fell as US President Donald Trump fired National Security Advisor John Bolton. The move appeared to ease supply disruption fears. The vocally hawkish Mr Bolton was seen by market participants as the main advocate for taking a tough line against Iran, including via military means.

Meanwhile, gold prices tracked lower for a fourth consecutive day as bond yields continued to recover. As noted previously, the week-long move appears to reflect an improvement in risk appetite driven by moderating geopolitical risk and hopes for a breakthrough as US-China trade talks resume next month.

CRUDE OIL PRICES FACE BARRAGE OF BACK-TO-BACK EVENT RISK

Looking ahead, the OPEC monthly report is initially in focus. Oil prices may suffer if it echoes analogous publications – such as yesterday’s outlook from the EIA – and downgrades the outlook for demand amid slowing global growth.

The OPEC+ Joint Technical Committee is also due to meet in Abu Dhabi. There, Saudi efforts led by newly-minted energy minister Prince Abdulaziz bin Salman may translate into a push for steeper output cuts. That may not offer lasting support however as soft downstream uptake continues to preoccupy markets.

Finally, official EIA inventory data is due. It is expected to show stockpiles shed 2.66 million barrels last week. An outcome closer to the API projection of a whopping 7.23-million-barrel drawdown may offer prices a bit of a lifeline, though some of this may be priced into the market already.

Get our free guide to help build confidence in your gold and crude oil trading strategy!

GOLD TECHNICAL ANALYSIS

Gold prices have pulled back to within a hair of near-term support at 1480.00, the August low. Breaking below that on a daily closing basis opens the door for a challenge of the 1437.70-52.95 area. Pivotal resistance remains at 1563.00, a weekly chart inflation point.

Gold price chart - daily

Gold price chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices pulled back to retest recently broken resistance set from late April, but the outlines of yesterday’s upward breakout remain intact (for now). The next topside hurdle is in the 60.04-84 area. Neutralizing near-term bullish cues calls for a close below trend support set from August’s swing bottom now at 54.73. This is followed by support levels at 52.96 and in the 49.41-50.60 zone.

Crude oil price chart - daily

Crude oil price chart created using TradingView

COMMODITY TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES